In 2021, its net income increased 13% YoY to $599 million from a net income of $531 million in the previous year. For the full year, energy resources reported GAAP earnings of $599 million or $0.30 per share and adjusted earnings of approximately $2.21 billion or $1.12 per share. Jim has been an unbelievable steward of this company over his nearly 10 years as CEO, growing the leading, most profitable electric utility and renewable energy company in North America. And the third thing is renewable enablers.
The nearly $650 million project financing supported by these assets, which was also the lowest cost project level debt financing in the partnership's history is reflective of the strong performance of the underlying assets in the portfolio and also supportive financing of other growth opportunities executed in 2021. Sure.
But we plan our business as if it doesn't happen. And perhaps more directly, how are you thinking about investments beyond wind and solar in those 2025 figures, for instance, storage or hydrogen, for instance? For the fourth quarter of 2021, GAAP net income attributable to NextEra Energy was $1.2 billion or $0.61 per share. Got it. FPL has also continued to provide exceptional service reliability, achieving its best-ever reliability rate in 2021. FPL's reported ROE for regulatory purposes is expected to be 11.6% for the 12 months ended December 31, 2021.
Just most of my questions actually just got answered. Please check your download folder. We recently signed a similar agreement that allows a large university to use our advanced software platform to manage and optimize more than 100-megawatt solar plus storage asset in California. But to answer your direct question around the incentives, the investments we've made to date do not assume that there's a change of incentives or even the specific question around hydrogen that there's a hydrogen PTC. Any potential pressures there as that business grows? News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. The reason why we had not talked about it a lot in the past is we really have thought about it as a strategic advantage to us, which we continue to believe a strategic advantage to us. Given the historical shape of our customer usage, we typically use more reserve amortization in the first half of the year and reverse reserve amortization in the hotter summer months. During the fourth quarter, we utilized approximately $137 million of reserve amortization, leaving FPL with a year-end 2021 balance of $460 million. In 2021, the company added a record 7,200 MW of renewables and battery storage project to its backlog of signed contracts. With me this morning are Jim Robo, chairman and chief executive officer of NextEra Energy; Rebecca Kujawa, executive vice president and chief financial officer of NextEra Energy; John Ketchum, president and chief executive officer of NextEra Energy Resources; and Mark Hickson, executive vice president of NextEra Energy. They, along with our broader leadership team and all of our approximately 15,000 employees worked tirelessly every day to serve our customers in Florida and across North America. For the fourth quarter of 2021, FPL reported net income of $560 million or $0.28 per share, up $0.03 per share year over year. But just curious if you could just comment on those perceptions of limits on growth. Absolutely. Details of our new financial expectations are included on the accompanying slide. You'll get more details at the analyst day. These transactions demonstrate NextEra Energy's ability to leverage the operational expertise of NextEra energy resources, low-cost sources of capital and our strong industry relationships to be successful in third-party acquisitions. Not the base business, not the base newer opportunities but more specifically on the venture side. OK, that's helpful. But those will be our best estimates based on what we've seen so far and also under the parameters of the settlement agreement inclusive of the SolarTogether investments that were approved as part of the settlement agreement.
And kind of flat or do you see that escalating over time? How we can make it better, how we can take money out of the bill, how we can make it greener. Adjusted earnings were $5.02 billion or $2.55 per share. But just a quick question on near ventures. From an updated base of our fourth quarter 2021 distribution per common unit at an annualized rate of $2.83, we continue to see 12% to 15% growth per year in LP distributions as being a reasonable range of expectations through at least 2024. Cryptocurrencies: Cryptocurrency quotes are updated in real-time. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
Finally, I wanted to take a moment to thank Jim for his exceptional leadership and friendship. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune. And the bottom line is we found no evidence of any issues at all, any illegality or any wrongdoing on the part of FPL or any of its employees. But just can you remind us what the capital spend levels for the next couple of years are, combined FP&L and gold or if you want to break it out and separate those two? Gulf Power, a power utility company of NextEra Energy, reported an increase in its net income to $60 million in Q4 2021 from $53 million in Q4 2020.
Let me now turn to Gulf Power, which, as a reminder, was legally merged into FPL on January 1, 2021, but continue to be reported as a separate regulated segment during 2021. We have been in the renewables business for more than 30 years and have the experience, resources, balance sheet, talent and advanced data capabilities necessary to execute complex renewable energy generation and storage integration projects at scale. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services.
NextEra Energy Partners was able to demonstrate the benefits to LP unitholders of the convertible equity portfolio financing structure during the fourth quarter when the partnership exercised its right to purchase 100% of the outstanding minority equity interests in the portfolio of wind and solar assets, supporting its 2018 convertible equity portfolio financing.
Over the same period, Gulf Power realized an approximately 60% improvement in safety among our employees who have worked tirelessly to help us execute on our plans. This is John. Backlinks from other websites are the lifeblood of our site and a primary source of new traffic. Yeah, thanks. I know he will be as focused on creating value for you, our owners, as I have been over the last two decades. We've talked about the NextEra Energy analytics team that we bought back in '05. Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Rebecca will succeed John as president and CEO of NextEra energy resources. Companhia Paranaense De Energia (COPEL) (ELP), Empresa Distribuidora Y Comercializadora Norte S.A (Edenor) (EDN), NextEra Energy revenue for the quarter ending March 31, 2022 was, NextEra Energy revenue for the twelve months ending March 31, 2022 was, NextEra Energy annual revenue for 2021 was, NextEra Energy annual revenue for 2020 was, NextEra Energy annual revenue for 2019 was. John, Rebecca and Kirk will also be appointed to the respective roles at NextEra Energy Partners. Sources: CoinDesk (Bitcoin), Kraken (all other cryptocurrencies), Calendars and Economy: 'Actual' numbers are added to the table after economic reports are released. Amid this significant growth, the company has maintained one of the strongest balance sheets and credit positions in the industry.
For 2022, NextEra Energy now expects adjusted earnings per share to be in a range of $2.75 to $2.85. Please go ahead. Specifically, during the fourth quarter, NextEra Energy successfully refinanced approximately $5.2 billion in existing debt and hybrid securities and proactively issued roughly $4.9 billion in replacement funding. Yes. And it's been really a testament to the entire lead team, not only obviously the job Jim's done, but the job Eric's done, the job Rebecca's done and the leadership team that we have in place at energy resources. Turning now to the consolidated results for NextEra Energy. to own, manage and acquire contracted clean energy projects.NextEra Energy produces a large volume of electricity from wind and solar energy. Could we expect something kind of new along these lines at the analyst day? As we thought about how does the business grow and change and we capitalize all of these opportunities that you and we and the industry see, one of the shifts is thinking about our commercial and industrial customers, whether they're in traditional C&I customers that have been interested in the products that we sell or new ones or ones that are more industrial in nature or agricultural in nature.
We also continue to expect to grow our dividends per share at roughly 10% per year through at least 2022 off of a 2020 base. And I think Rebecca is going to talk about the 2025, your question on 2025. It's a group of PhD, mathematicians, software developers, software engineers, that not only use those tools to help manage our existing fleet and help leverage and drive operating efficiencies around what we do every day in managing our existing footprint, but they're now able to take all that data, all that information, all that know-how to develop comprehensive software solutions for customers. You should refer to the information contained in the slides accompanying today's presentation for definitional information and reconciliations of historical non-GAAP measures to the closest GAAP financial measure. In addition, since the last call, we have added approximately 1,500 megawatts of renewable projects to our backlog, including approximately 70 megawatts of new wind and wind repowerings, 300 megawatts of solar and 500 megawatts of battery storage. Any just kind of key reasons you would say for the higher guidance? And how should we think about what percent of that capital is either recovered as part of the rate case revenue requirement increase or via the tracker? Its fourth-quarter (Q4) results reported $1.20 billion, compared to a net loss of $5 million in the same period last year. But needless to say and be self-assured, we're ready. The GDP of Florida is roughly $1.2 trillion, which is up approximately 8% from pre-pandemic levels and would make Florida the 15th largest economy in the world. In 2021, we delivered a total shareholder return of more than 23%, significantly outperforming the S&P 500 Utilities Index and continuing to outperform both the S&P 500 and the S&P 500 Utilities Index in terms of total shareholder return on a three, five, 10 and 15-year basis. And that's probably all we're ready to say about it today. For 2021, FPL's retail sales increased 1.7% from the prior year on a weather-normalized basis, driven primarily by ongoing strong customer growth and a 1.5% year-over-year increase in underlying usage per customer. NextEra Energy Partners delivered year-end run rate adjusted EBITDA and cash available for distribution in excess of our prior expectations, including delivering more than 13% year-over-year growth in run rate cash available for distribution at the midpoints. Rebecca has been here 15 years.
Stocks: Real-time U.S. stock quotes reflect trades reported through Nasdaq only; comprehensive quotes and volume reflect trading in all markets and are delayed at least 15 minutes. If you use our chart images on your site or blog, we ask that you provide attribution via a "dofollow" link back to this page. These changes are part of a long-term succession process undertaken by the board and me over the better part of the last six years. NextEra Energy, a U.S.-based energy company, has reported a net income of $3.57 billion for 2021, a 22% year-over-year increase compared to $2.91 billion last year. They don't have the ability to offer firm and shape products and things that it's going to take to really win the business. Indeed, Jim, we'll miss you, but we'll see you soon enough here, I'm sure. And I couldn't be more thrilled about turning over the CEO role of this great company to John.
The nearly $650 million project financing supported by these assets, which was also the lowest cost project level debt financing in the partnership's history is reflective of the strong performance of the underlying assets in the portfolio and also supportive financing of other growth opportunities executed in 2021. Sure.
But we plan our business as if it doesn't happen. And perhaps more directly, how are you thinking about investments beyond wind and solar in those 2025 figures, for instance, storage or hydrogen, for instance? For the fourth quarter of 2021, GAAP net income attributable to NextEra Energy was $1.2 billion or $0.61 per share. Got it. FPL has also continued to provide exceptional service reliability, achieving its best-ever reliability rate in 2021. FPL's reported ROE for regulatory purposes is expected to be 11.6% for the 12 months ended December 31, 2021.
Just most of my questions actually just got answered. Please check your download folder. We recently signed a similar agreement that allows a large university to use our advanced software platform to manage and optimize more than 100-megawatt solar plus storage asset in California. But to answer your direct question around the incentives, the investments we've made to date do not assume that there's a change of incentives or even the specific question around hydrogen that there's a hydrogen PTC. Any potential pressures there as that business grows? News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. The reason why we had not talked about it a lot in the past is we really have thought about it as a strategic advantage to us, which we continue to believe a strategic advantage to us. Given the historical shape of our customer usage, we typically use more reserve amortization in the first half of the year and reverse reserve amortization in the hotter summer months. During the fourth quarter, we utilized approximately $137 million of reserve amortization, leaving FPL with a year-end 2021 balance of $460 million. In 2021, the company added a record 7,200 MW of renewables and battery storage project to its backlog of signed contracts. With me this morning are Jim Robo, chairman and chief executive officer of NextEra Energy; Rebecca Kujawa, executive vice president and chief financial officer of NextEra Energy; John Ketchum, president and chief executive officer of NextEra Energy Resources; and Mark Hickson, executive vice president of NextEra Energy. They, along with our broader leadership team and all of our approximately 15,000 employees worked tirelessly every day to serve our customers in Florida and across North America. For the fourth quarter of 2021, FPL reported net income of $560 million or $0.28 per share, up $0.03 per share year over year. But just curious if you could just comment on those perceptions of limits on growth. Absolutely. Details of our new financial expectations are included on the accompanying slide. You'll get more details at the analyst day. These transactions demonstrate NextEra Energy's ability to leverage the operational expertise of NextEra energy resources, low-cost sources of capital and our strong industry relationships to be successful in third-party acquisitions. Not the base business, not the base newer opportunities but more specifically on the venture side. OK, that's helpful. But those will be our best estimates based on what we've seen so far and also under the parameters of the settlement agreement inclusive of the SolarTogether investments that were approved as part of the settlement agreement. And kind of flat or do you see that escalating over time? How we can make it better, how we can take money out of the bill, how we can make it greener. Adjusted earnings were $5.02 billion or $2.55 per share. But just a quick question on near ventures. From an updated base of our fourth quarter 2021 distribution per common unit at an annualized rate of $2.83, we continue to see 12% to 15% growth per year in LP distributions as being a reasonable range of expectations through at least 2024. Cryptocurrencies: Cryptocurrency quotes are updated in real-time. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
Finally, I wanted to take a moment to thank Jim for his exceptional leadership and friendship. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune. And the bottom line is we found no evidence of any issues at all, any illegality or any wrongdoing on the part of FPL or any of its employees. But just can you remind us what the capital spend levels for the next couple of years are, combined FP&L and gold or if you want to break it out and separate those two? Gulf Power, a power utility company of NextEra Energy, reported an increase in its net income to $60 million in Q4 2021 from $53 million in Q4 2020.
Let me now turn to Gulf Power, which, as a reminder, was legally merged into FPL on January 1, 2021, but continue to be reported as a separate regulated segment during 2021. We have been in the renewables business for more than 30 years and have the experience, resources, balance sheet, talent and advanced data capabilities necessary to execute complex renewable energy generation and storage integration projects at scale. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services.
NextEra Energy Partners was able to demonstrate the benefits to LP unitholders of the convertible equity portfolio financing structure during the fourth quarter when the partnership exercised its right to purchase 100% of the outstanding minority equity interests in the portfolio of wind and solar assets, supporting its 2018 convertible equity portfolio financing.
Over the same period, Gulf Power realized an approximately 60% improvement in safety among our employees who have worked tirelessly to help us execute on our plans. This is John. Backlinks from other websites are the lifeblood of our site and a primary source of new traffic. Yeah, thanks. I know he will be as focused on creating value for you, our owners, as I have been over the last two decades. We've talked about the NextEra Energy analytics team that we bought back in '05. Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Rebecca will succeed John as president and CEO of NextEra energy resources. Companhia Paranaense De Energia (COPEL) (ELP), Empresa Distribuidora Y Comercializadora Norte S.A (Edenor) (EDN), NextEra Energy revenue for the quarter ending March 31, 2022 was, NextEra Energy revenue for the twelve months ending March 31, 2022 was, NextEra Energy annual revenue for 2021 was, NextEra Energy annual revenue for 2020 was, NextEra Energy annual revenue for 2019 was. John, Rebecca and Kirk will also be appointed to the respective roles at NextEra Energy Partners. Sources: CoinDesk (Bitcoin), Kraken (all other cryptocurrencies), Calendars and Economy: 'Actual' numbers are added to the table after economic reports are released. Amid this significant growth, the company has maintained one of the strongest balance sheets and credit positions in the industry.
For 2022, NextEra Energy now expects adjusted earnings per share to be in a range of $2.75 to $2.85. Please go ahead. Specifically, during the fourth quarter, NextEra Energy successfully refinanced approximately $5.2 billion in existing debt and hybrid securities and proactively issued roughly $4.9 billion in replacement funding. Yes. And it's been really a testament to the entire lead team, not only obviously the job Jim's done, but the job Eric's done, the job Rebecca's done and the leadership team that we have in place at energy resources. Turning now to the consolidated results for NextEra Energy. to own, manage and acquire contracted clean energy projects.NextEra Energy produces a large volume of electricity from wind and solar energy. Could we expect something kind of new along these lines at the analyst day? As we thought about how does the business grow and change and we capitalize all of these opportunities that you and we and the industry see, one of the shifts is thinking about our commercial and industrial customers, whether they're in traditional C&I customers that have been interested in the products that we sell or new ones or ones that are more industrial in nature or agricultural in nature.
We also continue to expect to grow our dividends per share at roughly 10% per year through at least 2022 off of a 2020 base. And I think Rebecca is going to talk about the 2025, your question on 2025. It's a group of PhD, mathematicians, software developers, software engineers, that not only use those tools to help manage our existing fleet and help leverage and drive operating efficiencies around what we do every day in managing our existing footprint, but they're now able to take all that data, all that information, all that know-how to develop comprehensive software solutions for customers. You should refer to the information contained in the slides accompanying today's presentation for definitional information and reconciliations of historical non-GAAP measures to the closest GAAP financial measure. In addition, since the last call, we have added approximately 1,500 megawatts of renewable projects to our backlog, including approximately 70 megawatts of new wind and wind repowerings, 300 megawatts of solar and 500 megawatts of battery storage. Any just kind of key reasons you would say for the higher guidance? And how should we think about what percent of that capital is either recovered as part of the rate case revenue requirement increase or via the tracker? Its fourth-quarter (Q4) results reported $1.20 billion, compared to a net loss of $5 million in the same period last year. But needless to say and be self-assured, we're ready. The GDP of Florida is roughly $1.2 trillion, which is up approximately 8% from pre-pandemic levels and would make Florida the 15th largest economy in the world. In 2021, we delivered a total shareholder return of more than 23%, significantly outperforming the S&P 500 Utilities Index and continuing to outperform both the S&P 500 and the S&P 500 Utilities Index in terms of total shareholder return on a three, five, 10 and 15-year basis. And that's probably all we're ready to say about it today. For 2021, FPL's retail sales increased 1.7% from the prior year on a weather-normalized basis, driven primarily by ongoing strong customer growth and a 1.5% year-over-year increase in underlying usage per customer. NextEra Energy Partners delivered year-end run rate adjusted EBITDA and cash available for distribution in excess of our prior expectations, including delivering more than 13% year-over-year growth in run rate cash available for distribution at the midpoints. Rebecca has been here 15 years.
Stocks: Real-time U.S. stock quotes reflect trades reported through Nasdaq only; comprehensive quotes and volume reflect trading in all markets and are delayed at least 15 minutes. If you use our chart images on your site or blog, we ask that you provide attribution via a "dofollow" link back to this page. These changes are part of a long-term succession process undertaken by the board and me over the better part of the last six years. NextEra Energy, a U.S.-based energy company, has reported a net income of $3.57 billion for 2021, a 22% year-over-year increase compared to $2.91 billion last year. They don't have the ability to offer firm and shape products and things that it's going to take to really win the business. Indeed, Jim, we'll miss you, but we'll see you soon enough here, I'm sure. And I couldn't be more thrilled about turning over the CEO role of this great company to John.